Chevron Doubles Down on Venezuelan Oil Amid US Deal

Chevron is expanding its operations in Venezuela, just days after the U.S. and Venezuela struck an oil deal that gives the U.S. access to 65 billion barrels of oil.

The Houston-based company will expand its presence in the Orinoco Belt, where much of Venezuela's oil reserves lie, through a joint venture with another partner.

Chevron CEO Mike Wirth said the expanded position reflects the company's confidence in Venezuela's deep resource potential and ability to compete for investment within their portfolio for decades.

The deal involves an investment of over $7 billion over the next five years, which will expand Chevron's production to approximately 600,000 barrels of oil per day.